The Tobago Division of the Trinidad and Tobago Chamber of Industry and Commerce has endorsed the presentation of the mid-year budget review in Parliament today. Chairman Curtis Williams stated that if the government continues along its trajectory, they are confident that the Tobago private sector can begin to get out of its economic slump.
Chairman of the Tobago Division of the Trinidad and Tobago Chamber of Industry and Commerce, Curtis Williams gave the Finance Minister’s mid year budget review a passing grade of 7.5 out of 10.
This rating is pegged against the deliverables to Tobago and announcements of support to the progress of the economy. Namely, the $79 million dollars for salary adjustments and payments to teachers awarded to the THA, along with $15 million dollars to begin construction of the Scarborough Secondary School.
“You know the economy now is sluggish in Tobago but what I see is a light at the end of the tunnel. And if the partnership between the THA and the central government remains, it would strengthen and get deeper, we then could really see something bright at the end of the tunnel.”
Meanwhile, the announcement of progress on the Marriott Hotel through the Superior Hotels Limited was described as a game changer.
“And that was a breath, I mean that was like a fresh, that was like taking a breathe in and we really happy to see that EMA did give them the approval and I am talking about a $500 million investment on the island.”
Mr Williams was also pleased with provisions for WASA to pay outstanding contractors, and adjustments to how EXIM bank releases FOREX to businesses.
“And he did indicate that he going to revamp and look at how EXIM bank did business before and try to do it a little different so that we have some equity in the distribution of FOREX and I tell him don’t wait and beat that one because it is much needed.”
Williams noted that the government needs to place priority in distributing VAT refunds to businesses, and adjust the land license act to allow for easier access to foreign direct investment.